Heidelberg Materials AG

Latest Results (20.12.2025):

Heidelberg Materials AG — Quarterly results for Q1 2025: revenue rose 5.1% year‑on‑year to €4,715 million (like‑for‑like +1.7%), result from current operations before depreciation and amortisation (RCOBD) was €557 million (+2.6%; like‑for‑like -1.2%) and result from current operations (RCO) was €235 million (+1.4%; like‑for‑like +0.2%). Margins edged down (RCOBD margin 11.8% vs 12.1% a year earlier; RCO margin 5.0% vs 5.2%). Management proposed a €3.30 dividend for FY2024, launched the second tranche of a €1.2 billion share buyback (to start Q2 2025 after the AGM), and reiterated 2025 guidance of RCO €3.25–3.55 billion and ROIC ~10%.

Revenue

Group revenue: €4,715m in Q1 2025, +5.1% y/y (+1.7% like‑for‑like). Price increases were the main driver; scope changes added €139m and currency effects contributed €11m.

Profitability

RCOBD €557m (+2.6%) and RCO €235m (+1.4%). On a like‑for‑like basis underlying RCOBD was slightly below prior year. RCOBD margin fell ~28 bps to 11.8%; RCO margin fell ~18 bps to 5.0%, driven by higher freight, third‑party and raw material costs.

Regional performance

Mixed results by region: Europe revenue €2,157m (+5.9%) but RCO down to €76m; North America revenue €995m (+1.8%) with RCO materially weaker at €9m; Africa‑Mediterranean‑Western Asia showed strong growth (revenue €586m, RCO €106m, +59%); Asia‑Pacific revenue slightly down like‑for‑like.

Shareholder returns & capital actions

Dividend: Management to propose €3.30 per share for FY2024 (≈+10% vs prior year). Share buyback: a new €1.2bn programme in three tranches — second tranche to start in Q2 2025 after the AGM; first tranche included cancellation of treasury shares (share capital now €535,292,280; 178,430,760 shares outstanding).

Outlook

Full‑year 2025 guidance reiterated: RCO €3.25–3.55bn and ROIC around 10%. Company expects a further slight reduction in specific net CO2 emissions per tonne versus 2024.

Key transactions & sustainability items affecting results

Completed acquisition of Giant Cement Holding Inc. (US East Coast) on 1 April 2025 (cement plant ~800k t pa); agreed April 2025 purchase of Midway Concrete (Australia) and signed sale of 91% stake in Cimenterie de Lukala (DRC). Sustainability progress includes first CO2 capture at Brevik CCS (captured, liquefied and temporarily stored, opening planned for June 2025), commissioning of a calcined clay plant in Ghana, and inclusion in the DJSI Europe index.